Bitcoin Slides Below $63K as CME Sues CFTC Over Perpetual Futures

Today's Chain Reaction covers a challenging day in crypto markets as Bitcoin falls to $62,486 amid continued pressure from hawkish Fed policy. We examine CME Group's high-stakes lawsuit against the CFTC over Bitcoin perpetual futures approval, explore Wall Street's new ability to hedge Hyperliquid's HYPE token through NYSE-listed options, and look at Illinois becoming the first US state to impose a direct transaction tax on cryptocurrency. We also cover HIVE Digital's massive $220 million AI infrastructure deal with Bell Canada, key leadership exits at the Ethereum Foundation, and tightening regulatory pressure across Europe as the MiCA compliance deadline approaches. From institutional friction to regulatory evolution, today's episode captures the crypto market at a critical crossroads.